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Gold Seeker Closing Report: Gold and Silver Fall Slightly
By: Chris Mullen, Gold-Seeker.com


-- Posted Tuesday, 14 May 2013 | | Disqus

 

 

Close

Gain/Loss

Gold

$1425.40

-$6.00

Silver

$23.36

-$0.24

XAU

104.63

-1.12%

HUI

269.52

-1.18%

GDM

796.35

-1.03%

JSE Gold

1471.58

+4.47

USD

83.59

+0.31

Euro

129.38

-0.37

Yen

97.77

-0.50

Oil

$94.21

-$0.96

10-Year

1.952%

+0.029

T-Bond

143.71875

-0.90625

Dow

12215.25

+0.82%

Nasdaq

3462.61

+0.69%

S&P

1650.34

+1.01%

 
 

 

The Metals:

 

Gold climbed $14 to $1445.40 in Asia before it fell back to $1421.48 by a little after 8:30AM EST and then bounced back higher at times in New York, but it still ended with a loss of 0.42%.  Silver slipped to as low as $23.129 and ended with a loss of 1.02%.

 

Euro gold fell to about €1102, platinum gained $19.30 to $1497.80, and copper fell 7 cents to about $3.29.

 

Gold and silver equities fell about 1% by midafternoon and remained near that level for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Export Prices

Apr

-0.7%

-

-0.5%

Export Prices ex-ag.

Apr

-0.5%

-

-0.3%

Import Prices

Apr

-0.5%

-

-0.2%

Import Prices ex-oil

Apr

-0.2%

-

-0.1%

 

Fed Says U.S. Household Debt Declined to 2006 Level Bloomberg

NFIB survey shows that small business owners were slightly more upbeat in April Fox News

 

Tomorrow brings PPI, Empire Manufacturing, Net Long-Term TIC Flows, Industrial Production, Capacity Utilization, and the NAHB Housing Market Index.

 

The Markets:

 

Charts Courtesy of http://finance.yahoo.com/

 

Oil fell after the International Energy Agency referred to the surge in North American production as a “supply shock” that’s sending “ripples throughout the world.”

 

The U.S. dollar index rose along with the Dow, Nasdaq, and S&P while treasuries fell on optimism about decent economic growth.

 

Among the big names making news in the market today were Blackberry, Dish, Statoil, and Tesla.

 

The Commentary:

 

“I spent yesterday at the “Metals & Mining Investment Conference” in New York City. I’ve been going to that show since the early 1990s. With no disrespect to the show organizers (they to a first-rate job), it was without a doubt the most depressing gold show I ever been to given its location and prices of metals themselves.

 

To start with, these shows are normally heavily-tilted to the bullish side. This time around, you could cut the bearishness with a knife. Ironically (and in my mind, a very bullish sign), two of the more ardent bears for the last decade (one of whom has made pretty much the same speech for the last decade that gold is over-priced by several hundred dollars… and has missed the first decade run-up), really piled on why they believe the bull market in gold has ended. Amazingly, the crowd which usually tends to be overly bullish was shaking their head in agreement and flocked to them after they were done speaking.

 

I appeared on a panel later in the day with one of them and while it was a very cordial exchange, I noted to the crowd this show had a bull’s versus bear’s debate every year and one could never find a bear. This time around, I was clearly the lone bull (and to those who say full of bull…).

 

The show also confirmed what I already experience by hearing from many readers interested in my alternative to traditional financial planning process and my own feelings – the retail mining and exploration shareholder is badly beaten up, depressed and looking for an out to end the suffering. This makes me think that even when we eventually have a rally, the rally will not induce new buying as much as it will be an opportunity to lessen this burden of ownership.

 

Only because I said it before and it proved to be just a “Gadhafi-like line in the sand move, I just can’t imagine the sentiment getting any worse. That’s the good news. The bad news is there’s nothing to say it can’t stay this bad and without a dramatic turnaround in the price of gold, I don’t see how the shares can rally much for the balance of 2013-UGH!”- Peter Grandich, Grandich Letter

 

GATA Posts:

 

 

Gene Arensberg: U.S. banks buy gold futures in dramatic position change

Shell targeted with BP, Statoil in European oil-price probe

Charles Schwab complains of Fed's manipulation of markets

Gold buying becomes frantic in India, strongest since 2008

CFTC launches broad investigation of energy and metals derivatives

Paul Craig Roberts: Gold market rigging exposes a gangster state

 

The Statistics:

As of close of business: 5/13/2013

Gold Warehouse Stocks:

7,943,332.836

-54,808.95

Silver Warehouse Stocks:

165,001,269.624

+112,361.724

 

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

 

Product name

Total Tonnes

Total Ounces

Total Value

New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchange (TSE) AND Hong Kong Stock Exchange (HKEx)

SPDR® Gold Shares

1051.646

33,811,468

US$48,465m

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)

Gold Bullion Securities

138.13

4,441,056

US$6,340m

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam

ETFS Physical Gold

152.66

4,908,200

US$8,004m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$512m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

42.45

1,364,715

US$2,214m

Note: No change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 194.20: +0.37 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,440.40: No change from yesterday’s data.

 

The Miners:

 

Freeport’s (FCX) tunnel collapse, McEwen’s (MUX) drill results, Great Panther’s (GPL) new director, and Pan American Silver’s (PAAS) first quarter silver production were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Eurasian

EMXX +5.16% $1.63

2.  Aurizon

AZK +3.49% $3.86

3.  Comstock

LODE +3.08% $2.01

 

LOSERS

1.  Solitario

XPL -6.98% $1.20

2.  Banro

BAA -5.17% $1.10

3.  New Gold

NGD -3.72% $6.99

Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.

       

Please see Yahoo’s Mining/Metals News Wire for all of today’s mining news.

 

- Chris Mullen, Gold Seeker Report

 

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Additional Resources for today’s Gold Seeker Report can be found:

© Gold Seeker 2013

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

 

 

Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions.  The author of this report is not a registered financial advisor.  Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate.  The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action.  Past results are not necessarily indicative of future results.  Any statements non-factual in nature constitute only current opinions, which are subject to change.  Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein.  Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.


-- Posted Tuesday, 14 May 2013 | Digg This Article | Source: GoldSeek.com

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